November 24, 2023, Newsletter

Dear Friends,

Tangents: Happy Friday.

November 24^th, 1859: Charles Darwin’s Origin of Species published.  One of the most influential books of all times, On the Origin of Species, put forth the theory of evolution and described the process of natural selection.
1963: Dallas nightclub owner Jack Ruby shot and mortally wounded Lee Harvey Oswald, the accused assassin of President John F. Kennedy.  Go to article >>

Seamount twice the size of world’s tallest building mapped
Scientists aboard the Falkor (too) research vessel have documented, for the first time, an extinct volcano towering 5,250 feet above the seabed in the Pacific Ocean. Read More.

James Webb telescope reveals gargantuan ‘Mothra’ star
The James Webb and Hubble space telescopes have combined forces to image a cluster of galaxies 4.3 billion light-years away in one of the most colorful pictures of the universe ever taken. Read More.

Earth successfully received a message beamed from NASA’s Psyche spacecraft, located some 10 million miles away.  Full Story: Live Science (11/23)

Earth slammed by powerful ‘goddess particle’ cosmic ray
Researchers recently detected an “ultra-high-energy” cosmic ray, but they have no idea where it came from. Read More.

PHOTOS OF THE DAY

Kadoma, Japan
Haein Lee of South Korea performs in the women’s short programme during the ISU Grand Prix of figure skating – the NHK Trophy – near Osaka.  Photograph: Tomohiro Ohsumi/AP.

New Delhi, India
Monkeys cross a street amid heavy smog conditions.  Photograph: Money Sharma/AFP/Getty Images.

​​​​​​​Rome, Italy
A dog waits for a bone-shaped dessert served at the Fiuto restaurant, the first in Italy to serve dogs.  Photograph: Tiziana Fabi/AFP/Getty Images.
Market Closes for November 24^th,2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1998, America Online said it would take over Netscape Communications for roughly $4.2 billion.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 20,103.11 in Toronto.
The move follows the previous session’s little change.
Shopify Inc. contributed the most to the index decline, decreasing 0.5%.
First Quantum Minerals Ltd. had the largest drop, falling 2.6%.
Today, 103 of 227 shares fell, while 120 rose; 8 of 11 sectors were lower, led by information technology stocks.
Insights
* This year, the index rose 3.7%, heading for the best year since 2021
* This month, the index rose 6.5%, heading for the biggest advance since January
* So far this week, the index fell 0.4%
* The index declined 1.2% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 3.6% below its 52-week high on Feb. 2, 2023 and 7.5% above its low on Oct. 27, 2023
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.3 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.19t
* 30-day price volatility fell to 13.45% compared with 13.62% in the previous session and the average of 14.32% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -6.8305| -0.4| 2/9
Industrials | -4.3506| -0.2| 14/12
Utilities | -3.1162| -0.4| 5/10
Consumer Discretionary | -3.0800| -0.4| 6/8
Energy | -0.6262| 0.0| 23/16
Real Estate | -0.4759| -0.1| 9/11
Communication Services | -0.0378| 0.0| 2/3
Health Care | -0.0172| 0.0| 2/2
Materials | 0.2110| 0.0| 34/17
Consumer Staples | 0.3086| 0.0| 4/7
Financials | 4.4742| 0.1| 19/8
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | -3.6770| -0.5|n/a | 104.8
Brookfield Corp | -3.2900| -0.7|n/a | 9.0
Restaurant Brands | -2.9250| -1.4|n/a | 8.2
Manulife Financial | 2.1730| 0.7|n/a | 9.3
TD Bank | 2.5670| 0.2|n/a | -4.9
RBC | 2.9280| 0.3|n/a | -6.6
US
By Rita Nazareth
(Bloomberg) — Stocks barely budged in a holiday-shortened session while Treasuries fell, with this month’s rally in global bonds showing signs of stalling.
The S&P 500 closed little changed at 1 p.m. New York, while notching its fourth straight week of gains.
Cryptocurrency-linked shares rallied as Bitcoin inched further above $37,000.
Nvidia Corp. slid after a news report the company has told customers in China it’s delaying the launch of a new artificial-intelligence chip.
Ten-year US yields approached 4.5%.
Treasuries followed a slide in European bonds that was caused by concerns of burgeoning supply.
Germany will suspend a constitutional limit on net new borrowing for a fourth consecutive year after Chancellor Olaf Scholz’s government was forced into a radical budget overhaul by a ruling last week from
the nation’s top court.
“In this early close Black Friday, we open to much higher Treasury yields because of what happened yesterday in Germany,” said Andrew Brenner at NatAlliance Securities. “A court ruling is causing Germany to suspend their debt ceiling, which has led 10-year German Bunds to rise. Other European rates followed, and so have US Treasuries.”
Meantime, investors flocked into equities at the fastest pace in almost two years, according to Bank of America Corp.’s Michael Hartnett, as wagers of peak interest rates grow.
Global stock funds have seen inflows of about $40 billion in the two weeks through Nov. 21 — the most since February 2022, Hartnett wrote in a note, citing EPFR Global data.
Still, cash funds remain the winner with additions of nearly $1.2 trillion so far in 2023, compared with $143 billion into equities, while bond funds broadly registered outflows.
“We had a nice bounce off of an oversold condition at a seasonally appropriate time,” said Steve Sosnick, chief strategist at Interactive Brokers. “It was predicated on the Fed ending its hiking cycle, so that’s OK. But it now seems predicated on a rapid easing cycle, which may require a much worse economy than investors expect.”
In economic news, employment declined at US service providers and manufacturers in November for the first time since mid-2020 amid tepid demand and elevated costs, a survey from S&P Global showed.

Corporate Highlights:
* Macy’s Inc. Chief Executive Officer Jeff Gennette told Bloomberg Television interview that the retailer had a “great day online yesterday during Thanksgiving.”
* iRobot Corp., the vacuum-cleaner maker that Amazon.com Inc. is proposing to buy in a billion-dollar deal, soared on a news report that European Union regulators plan to clear the merger.
* Fisker Inc. surged after the electric-vehicle startup filed its delayed third-quarter results, and said it has made a strategic shift to improve the pace of deliveries in the US and Europe.
Looking into next week’s earnings, Zscaler Inc. and Crowdstrike Holdings Inc. will underscore how businesses are prioritizing cybersecurity after recent high-profile corporate hacks.
Salesforce Inc. and Dell Technologies Inc. are expected to post slower sales growth as overall corporate expenditure tightens.
Elsewhere, OPEC+ is close to resolving a dispute over output quotas that forced the group to postpone a pivotal meeting, as it reviews the demands made on African members by an earlier deal.

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 1 p.m. New York time
* The Nasdaq 100 fell 0.1%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.3% to $1.0941
* The British pound rose 0.6% to $1.2607
* The Japanese yen was little changed at 149.52 per dollar
Cryptocurrencies
* Bitcoin rose 1.7% to $37,873.5
* Ether rose 1.7% to $2,105.02
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 4.48%
* Germany’s 10-year yield advanced two basis points to 2.64%
* Britain’s 10-year yield advanced three basis points to 4.28%
Commodities
* West Texas Intermediate crude fell 1.5% to $75.92 a barrel
* Spot gold rose 0.5% to $2,001.39 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Garfield Reynolds, Sagarika Jaisinghani and Isabelle Lee.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
The marvel of all history is the patience with which men and women submit to burdens
unnecessarily laid upon them by their governments. –William E. Borah, 1865-1940.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com